Starboard launches proxy fight to remove Yahoo board

People walk on the Yahoo headquarters corporate campus in Sunnyvale, California.

Activist hedge fund Starboard Value, an investor in Yahoo, said it was seeking to remove the entire board of the struggling Internet company.

Starboard, which has been pushing for changes at Yahoo since 2014, said it would nominate nine members to the Yahoo board.

"We have been extremely disappointed with Yahoo's dismal financial performance, poor management execution, egregious compensation and hiring practices, and general lack of accountability and oversight by the board," Starboard said in a letter to Yahoo shareholders.